VIENNA
\nSeven Opec+ members are meeting Sunday to make their first decision on oil-production quotas since the United Arab Emirates\u2019 departure from the cartel, which added to the soaring price pressure unleashed by the Mideast war.
\nThe UAE, one of the world\u2019s top producers, announced April 28 it was withdrawing from the Organisation of the Petroleum Exporting Countries (Opec) and the expanded Opec+ group, after chafing at their production quotas. The withdrawal took effect on Friday.
\nNeither group has reacted publicly so far \u2014 meaning there will be intense focus on the tone of the statement at the end of Sunday\u2019s online meeting by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia. The production decision itself is already priced in by markets.
\nThe seven countries are widely expected to increase their quotas by 188,000 barrels per day (bpd), according to Arne Lohmann Rasmussen, chief analyst at Global Risk Management.That is similar to a 206,000-barrel daily increase announced in March and April, subtracting the portion allotted to the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"
VIENNA Seven Opec+ members are meeting Sunday to make their first decision on oil-production quotas since the United Arab Emirates\u2019 departure from the cartel, which added to the soaring price pressure unleashed by the Mideast war. The UAE, one of the world\u2019s top producers, announced April 28 it was withdrawing from the Organisation of the …<\/p>\n","protected":false},"author":4,"featured_media":97204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-97223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/97223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=97223"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/97223\/revisions"}],"predecessor-version":[{"id":97233,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/97223\/revisions\/97233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/97204"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=97223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=97223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=97223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}